CandleFocus Is 274 Trillion Shiba Inu (SHIB) Enough? Price Makes Crucial Turn
2024-11-01
Author: Content Editor
The price of Shiba Inu (SHIB) has reached a critical point on the chart, just above a crucial support level and on-chain cluster of SHIB holdings. Any further decline could push SHIB into bearish territory. Despite Bitcoin's strength, SHIB has only recently shown modest upward momentum, indicating investor hesitancy. On-chain data shows that the majority of SHIB investors have held their tokens for over a year, suggesting loyalty. Approximately 53% of SHIB holders are currently profitable, indicating limited opportunities for profit at current price levels. Concerns are raised about selling pressure due to the high concentration of SHIB in a small number of wallets. Recent on-chain data shows significant activity but not necessarily buying demand. Important resistance levels to monitor are $0.000019 and $0.000024, with a break above suggesting bullish continuation. However, if the $0.000017 support level is not held, lower thresholds may be tested, with $0.000010 as a potential downside target.
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